Joint mortgage at 18?

[Deleted User]

Hi,

Me and my brother are looking to get a mortgage for a shared ownership 2 bed flat. He is on around 21k and I am on 20k. With the shared ownership schemes there is a minimum home income that you have to meet to be able to purchase through them, and for them to take my salary into account, I need to be on the mortgage. but as I have only just turned 18, will I have trouble getting a joint mortgage with my brother?

My brother is 21 and has a good credit score, I just turned 18 and have none.

Thankyou!

YHM

The age isn't an issue. The fact you have no credit score could be an issue.

Find a good broker that can support you with this one

csgohan4

do you have a credit card, pay the full amount? Electoral roll e.t.c?

It is more the credit history rather than a arbitrary number some agency thinks up.

Also think through things, is it wise to buy a house with a relative. What you wanted your own house, get married, have children, extra stamp duty and if your brother doesn't want to sell your stuck with not being able to access the money.

Money and family shouldn't mix

[Deleted User]

Hi,

Our current housing situation is stressful and overcrowded... That's our reason. But back to the question.

I have only just turned 18 so I literally have nothing, no credit cards, phone contract... Nothing. My brother earns more than enough get a mortgage to purchase the property's asking price off his own back, the only reason I need to be on it is because it's a requirement by the housing association. Stupid I know. But that's the case.

I don't know much about mortgages, but am I able to use a guarentor? I.e another family member?

enjoyyourshoes

You should be on electoral role as above post suggested, you can do that at 16.

Have you a bank a/c?

Check credit history free on mSE main site that may give you indication of what you ought to do.

[Deleted User]

Actually... Now I come to think of it. I am on the electoral role!

I have a bank account also.